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The internet was buzzing the entire weekend it seemed with waves of information regarding rumors of a smaller iPhone that Apple has in the works. The product has been confirmed by some pretty big sources, including the Wall Street Journal and Bloomberg.

There's been a substantial amount of information about this phone bouncing around the web, so we've taken the time to round-up as much of the info and put it in one place for you.

Design and Cost:
The iPhone 'nano' (that's what I'll call it for now) would have a smaller form factor, smaller than current iPhones, and could cost as little as $200, off-contract. That could easily translate to an on-contract price of around $50. That's significantly less than current iPhones that can retail for well over $600 off-contract. The phone may even ditch the home button and feature an edge-to-edge screen Maybe that's when we'll see those nifty multi-touch gestures from the iOS 4.3 Beta (originally for iPad, but ported to iPhone). It's been also rumored that the phone would not utilize a retina display in order to keep costs down.

Storage:
The phone could utilize much less on-board storage (the most expensive part of the iPhone is its storage) than the current iPhone. Rumors like this rely on yet another set of rumors of a MobileMe revamp (which we've seen hints of) that could accompany a release of a product like this, that would allow users to access their Media wirelessly with cloud storage. We'd assume, just as 9to5 Mac does, that the phone will feature at least some on-board storage to handle the core OS and allow users to install apps. Because what good is an iPhone without apps to go with it?

New Feautures:
Not much in this category yet, other than the previously mentioned edge-to-edge screen, but it's also rumored the iPhone nano will have voice-based navigation built-in, something only currently possible through a 3rd-party app or via Jailbreak. It's also possible that the cloud based media could allow for Apple to roll out a long-rumored music streaming service, requiring even less physical memory onboard.

Release:
All signs point to a summer release for this iPhone. The phone is expected to be a mid-range price point. Many are speculating that the release of this phone could accompany the release of the iPhone 5.

Some things we haven't heard anything about include any mention of what carriers will offer this phone, although I would speculate Verizon and AT&T would both get it. And of course, Apple isn't confirming anything. As usual, we'll wait and see. We'll keep you all updated if more information comes in regarding the new iPhone.